Coronavirus company news summary – US restarts oil and gas lease sale – Equinor to trim workforce in US, Canada and UK

27 August 2020 (Last Updated August 27th, 2020 09:44)

27 August

The US has resumed oil and gas lease sale, the first such move in the last five months as auctions were suspended due to the Covid-19 pandemic. The sale commenced with a 2,800-acre area in New Mexico with more than 45,000 acres in the pipeline, reported Reuters. This comes when the oil prices have recovered from historic lows but still linger below expected levels.

Norway’s Equinor is planning to trim its workforce in the US, Canada and the UK amid weak oil prices following the Covid-19 crisis. A company spokesperson told Reuters that it aims to reduce its employees in the three countries by around 20% and contractor numbers by around 50%. The move is aimed to maintain profitability at lower oil prices.

Indonesia is planning to complete research on a biodiesel that comprises 40% palm oil by November this year. The latest pandemic forced the research department to change testing methods, Reuters reported citing an official. The plan includes making the use of this biodiesel, called B40, mandatory in July next year. The move will help the country to reduce its dependence on diesel imports.